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Updated over 1 year ago on . Most recent reply

User Stats

31
Posts
14
Votes
Yash Bhatt
  • Phoenix, AZ
14
Votes |
31
Posts

Looking for a HELOC / 2nd mortgage on an investment property

Yash Bhatt
  • Phoenix, AZ
Posted

Hi,

We bought and rehabbed a home and it's been active as a short term rental for almost a year now in Sedona, AZ. We are looking to pull some cash out to recover our rehab costs and having a hard time finding a solution. We secured a 3.5% loan so we would like to avoid doing a cash out refinance. Ideally, we were looking to see if a private investor would do a 2nd position mortgage or HELOC.

loan balance is 740k

house would appraise between 1.3-1.4 million

We would like to pull out 200k

willing to discuss all creative options.

Thanks for considering! 

Yash

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